Need help on 2 and 3 PLEASE thanks :) A summary of the time tickets for August f

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Need help on 2 and 3 PLEASE thanks :)

A summary of the time tickets for August follows: Present the journal entries to record (a) the labor cost incurred and (b) the application of factory overhead to production for August. The factory overhead rate is 70% of direct labor cost. ANS: O C WIP 43200 Wages payable 43200 WIP 26090 Factory overhead 26040 The Mountain Springs Water Company has two departments. Purifying and Bottling. The Bottling Department had 3,000 liters in beginning work in process inventory (30% complete). During the period 71,000 liters were completed. The ending work in process was 5,000 liters (70% completed). What are total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the process? 66,000 ANS:

Explanation / Answer

Q3)

Q2) Journal Entries : Debit Credit (i) WIP A/c Job, 321 11000 329 9200 336 3000 342 8300 346 5700 Indirect 6000 43200 Wages Payable 43200 (ii) WIP A/c Factory OH 70 % of Direct Labor only ie (70% of 43200-6000) 26040 factory oh payable 26040

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